Did Six Flags beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Six Flags year over year?

What guidance did Six Flags's management provide for the next earnings period?

What is Six Flags's gross profit margin?

What were the key takeaways from Six Flags's earnings call?

What is Six Flags's latest dividend and current dividend yield?

What factors drove the changes in Six Flags's revenue and profit?

What were the key takeaways from Six Flags’s earnings call?

- **Q3 EBITDA Flat**: $580M modified EBITDA vs. $555M last year, driven by 70% of EBITDA from top parks. Full-year guidance revised to $780M-$805M.
- **Underperforming Parks Strategy**: 30% of parks require reinvestment or divestment; 2026 focus on data-driven decisions and asset monetization.
- **External Momentum**: JANA Partners and Travis Kelce engagement boosted brand visibility, with stock price impact.
- **Cost Control**: 5% OpEx decline, offset by attendance headwinds. 2026 to prioritize high ROI investments and CRM integration.

**【CEO Summary Section】**
Richard Zimmerman highlighted Q3 2025 challenges, including a 5% September attendance decline and flat EBITDA, despite July/August growth. He emphasized the brand's resilience and strategic focus on high-performing parks, while acknowledging the need for disciplined investment in underperforming locations. The CEO also noted constructive engagement with JANA Partners and Travis Kelce, signaling renewed brand momentum.

**【CFO Financial Commentary】**
Brian Witherow reported $580M modified EBITDA (vs. $555M last year) and $550M adjusted EBITDA, driven by 70% of EBITDA from top parks. Underperforming parks saw a 5% attendance decline, with EBITDA impacted by $20M from September underperformance. The company revised full-year guidance to $780M-$805M EBITDA, citing weather, marketing pullback, and cost increases. Strategic initiatives included reallocating ad spend and optimizing OpEx for 2026.

**【Q&A Highlights】**
1. **Park Performance Segmentation**: 70% of EBITDA from top parks; underperforming parks require targeted reinvestment or divestment. No specific park names disclosed.
2. **EBITDA Delta ($300M)**: Primarily driven by attendance declines (weather, macro headwinds) and cost increases. October 2025 attendance down 11% vs. 2024, but +7% vs. 2023.
3. **Non-Core Park Strategy**: Parks with <low single-digit EBITDA may be divested. 2026 focus on data-driven decisions, with 4 winter events closed to reduce operating days.
4. **Season Pass Dynamics**: 2025 pricing harmonization led to soft sales; 2026 strategy to balance value perception and revenue growth.
5. **CapEx Outlook**: $400M for 2026, prioritizing high-potential parks and CRM/ERP integration. No immediate plans to reduce CapEx beyond previously announced $100M pullback.
6. **External Engagement**: JANA Partners' influence and Travis Kelce's brand partnership seen as positive for consumer engagement and stock price.


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